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The Business Advantage Customized Cash Rewards credit card is a no-annual-fee card that offers small businesses the freedom to choose a spending category to earn 3% cash back. There’s also 2% cash back on dining and 1% on any other purchase. Additional perks include a generous welcome bonus, plus a 0% Introductory APR on your purchases for the first 7 billing cycles.
The Business Advantage Customized Cash Rewards credit card is an excellent choice for small businesses seeking a card that allows them to choose their bonus rewards category.
It’s also a great choice for businesses who have a checking account with BofA and qualify for the Preferred Rewards for Business Platinum Honors tier, as they can get even more cash back in their selected bonus category.
Intro APR: 0% Introductory APR on purchases for your first 7 billing cycles. After the intro APR offer ends, a Variable APR that's currently 16.74% to 26.74% will apply.
Regular APR: 16.74%-26.74%
The Business Advantage Customized Cash Rewards credit card doesn’t charge an annual fee. However, balance transfers and cash advances both attract a 5% fee. There’s also a foreign transaction fee of 3%.
Fee type | Amount |
Annual fee | $0 |
Regular APR | 16.74%-26.74% |
Cash advance fee | 5% of the transaction amount |
Balance transfer fee | 5% of the transaction amount |
The Business Advantage Customized Cash Rewards credit card offers the following cash back rates:
3% on a select spending category. The options include gas stations, travel, office supplies, TV, computer services, and business consulting. You can switch your chosen category once every month.
2% on dining experiences or purchases.
Unlimited 1% on other purchases.
You’ll get up to 3% and 2% cash back on up to $50,000 in total annual spending across your choice category and dining. Above that, purchases in those categories earn 1% for the rest of the year.
For business owners enrolled in BoA’s Preferred Rewards for Business program, there’s an opportunity to increase cash back earnings by as much as 75%. For example, if you qualify for the Platinum Honors tier, you can earn the following cash back rates:
Choice bonus category: 5.25%
Dining: 3.5%
Other purchases: 1.75%
The Business Advantage Customized Cash Rewards card also offers a statement credit bonus - Get a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.
As for redeeming your rewards, there’s plenty of choice. You can get your cash back as a deposit in your BoA savings or checking account, a statement credit, or a check. Another advantage is that rewards never expire, provided your account remains active.
You can apply for the Business Advantage Customized Cash Rewards credit card online on the bank’s website. Here are the steps to follow:
Go to the Bank of America homepage and click on “Small Business.” Then choose “Credit Cards” and “Cash Rewards Cards.”
Scroll down to “Business Advantage Customized Cash Rewards,” then click “Apply Now.”
Fill in the requested business and personal information.
Submit your application.
Most applicants receive instant approval, and your new card will arrive by mail in approximately 7 to 10 business days. If you’re not approved, you should receive a response within the same timeframe.
Bank of America provides 24/7 customer support for cardholders via phone at 800-732-9194 or 1-757-677-4701 if you’re outside the US. Customer reviews on the ease of reaching a representative are mixed, with some users reporting long wait times before they could speak with someone.
Depending on the kind of services you’re looking for, live chat may be available. To check, log in to your online banking account, go to the Help and Support section, and select “Contact Us.” From there, choose a topic, and if chat is an option, a “Chat Now” link will appear.
BofA also provides assistance through Erica, its AI-powered virtual assistant, and social media (Facebook and X ).
Lastly, depending on the issue, you might be able to find a helpful answer through the FAQs or the Help Center on the bank’s website.
BofA employs multiple protective measures to safeguard personal and financial data.
The bank uses Secure Sockets Layer (SSL) encryption to safeguard data transfers between your browser or device and its web servers. Biometric and two-factor authentication are also available to keep your account secure.
Additionally, BofA offers all cardholders zero liability protection. This means the bank won’t hold you responsible for any unauthorized transactions made with your card.
Finally, the bank actively monitors your account and will immediately notify you if it detects any suspicious activity.
The Bank of America Business Advantage Customized Cash Rewards credit card is worth considering for small businesses seeking a card with a customizable rewards structure. You’ll earn competitive cashback rates, including 3% on a select category, 2% on dining, and 1% on other purchases. There are zero annual fees, and if you have expenses that you need time to pay off, the card offers an introductory APR period.
This review was compiled using information from the Bank of America website and online review and comparison sites like Trustpilot.
Disclosure: This content is not provided or commissioned by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.
Editorial disclosure: The credit card offers and information presented on this page are current as of the published date. However, credit card terms, including APRs, fees, and promotional offers, are subject to change without notice. Some offers listed may no longer be available or may have expired. Please refer to the issuer's website for the most up-to-date terms and conditions.
Sean LaPointe is a personal finance writer at BestMoney.com, specializing in tax relief and debt consolidation. With over eight years of experience, his work has appeared in The Motley Fool, Angi, and more. Sean’s passion lies in providing up-to-date information that helps readers make informed financial decisions.